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gman430

Downtown apartment development: Boom or bust.

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Good article on this subject here: http://www.greenvillebusinessmag.com/View-Article/ArticleID/5936/Greenvilles-Apartment-Building-Binge-When-is-Enough-Enough.aspx?IsPreview=true

For me, its not so much how many units are built but rather the lease rates which appear to be very expensive for the most part. Thankfully I have a roommate to split the costs of my future unit at 400 Rhett with. What are your thoughts?

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Hey, I like that y'all were mentioned in the new TIME piece! Your downtown is looking great!

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Good article on this subject here: http://www.greenvillebusinessmag.com/View-Article/ArticleID/5936/Greenvilles-Apartment-Building-Binge-When-is-Enough-Enough.aspx?IsPreview=true

For me, its not so much how many units are built but rather the lease rates which appear to be very expensive for the most part. Thankfully I have a roommate to split the costs of my future unit at 400 Rhett with. What are your thoughts?

 I'm not as worried by a glut of apartments.  Empty apartments can drive rents down.  Empty houses, on the other hand, can cause big problems.  If we're going to have an over supply of housing, I'd rather it be apartments than stand alone residences.

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Good article on this subject here: http://www.greenvillebusinessmag.com/View-Article/ArticleID/5936/Greenvilles-Apartment-Building-Binge-When-is-Enough-Enough.aspx?IsPreview=true

For me, its not so much how many units are built but rather the lease rates which appear to be very expensive for the most part. Thankfully I have a roommate to split the costs of my future unit at 400 Rhett with. What are your thoughts?

 

It's going to continue for this reason from the article specifically:

 

“Market reports can really only tell you so much. They can point to trends but they can’t take into account the full picture – the draw of being amidst the energy of downtown, the drawing boards that are filled with future projects, the unique atmosphere of Greenville,” says Hughes. “We do look at facts, though. And the fact is that in comparison to other cities, the central business district currently has less than 3,000 people living there. That translates to a mere .6% of the total population in the metro statistical area, which is greatly undersupplied compared to other cities.” - See more at: http://www.greenvillebusinessmag.com/View-Article/ArticleID/5936/Greenvilles-Apartment-Building-Binge-When-is-Enough-Enough.aspx?IsPreview=true#sthash.8NeCZ2Si.dpuf

 

There are a lot more people that want to live downtown and will pay for it. Many just don't have an opportunity with the current supply. All proposed apartments could be built and we would still be able to absorb more, especially if Clemson and USC's operations downtown grow (which they will). 

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What's the total number of apartments built (in the last 12 months), being built, or planned right now?

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Recently completed:

98 McBee      55

400 Rhett     150

Rivers Edge 144

 

 

Under Construction:

South Ridge                   348? 

Stone & Rowley                51

Stone & Main                  226 

Link West End                 215 

Flourney Westfield          365

 

Proposed:

Gateway                               176

Lofts of Greenville                215

Green Monster                       40

Camperdown                        225

Fountains (Broad & Church) 210

Scott Towrs                           197

 

Totals: 349, 1205, 1063 respectively.

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Thanks for the list! Those aren't bad numbers at all. I think it will be interesting to see how the swing toward "for purchase" units shifts and impacts any unbuilt proposals.

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I agree... I think Green Monster site has potential to swing. That is a great location for condos, in my opinon.

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Thanks! I remember seeing some report on this earlier in the year. Any idea where that is?

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^^ Upstate Business Journal. Probably 4-6 weeks ago.  Look on their website.   

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Recently completed:

98 McBee      55

400 Rhett     150

Rivers Edge 144

 

 

Under Construction:

South Ridge                   348? 

Stone & Rowley                51

Stone & Main                  226 

Link West End                 215 

Flourney Westfield          365

 

Proposed:

Gateway                               176

Lofts of Greenville                215

Green Monster                       40

Camperdown                        225

Fountains (Broad & Church) 210

Scott Towrs                           197

 

Totals: 349, 1205, 1063 respectively.

 

Add 282 units at North Pointe (Stone and Wade Hampton) and 270 for the Pendleton Street Baptist site.  Total of 3158 units.  

 

Edit*  Forgot Holland Flats 18 units.  Total of 3176.

Edited by vicupstate

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Could someone point me to more information on this 'Green Monster' project?

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Thanks SVL! Reasoning behind the Green Monster name? And has it stalled?

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Thanks SVL! Reasoning behind the Green Monster name? And has it stalled?

The nick name is from the building that used to be located on site. It's not slated to start construction until the end of the year.

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Thanks SVL! Reasoning behind the Green Monster name? And has it stalled?

:thumbsup: This combined with the Link Apartments will really change the feel of that area. Looking forward to see how they turn out.

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Add 282 units at North Pointe (Stone and Wade Hampton) and 270 for the Pendleton Street Baptist site. Total of 3158 units.

The thing about this list is that these projects are spread out all over downtown and not concentrated in one particular area. Which kind of helps with the parking issues that have arisen lately through out the area.

Edited by MAJIKMAN

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Posted (edited)

Just to give you an idea of downtown apartment demand: 

400 Rhett has 150 units. Currently only six units with a seventh becoming available April 8th are for lease. The rest are occupied. 

Edited by gman430

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Development firing on all cylinders

South Ridge, a mixed-use residential and retail development at South Church Street and University Ridge, has 350 apartment units.

Now 81 percent occupied, South Ridge has one-, two- and three-bedroom units in the proximity of Cleveland Park, the Swamp Rabbit Trail and Falls Park. Its residents include doctors, nurses and medical students who work or study at local hospitals, Brashier said.

Main + Stone is a 292 unit mixed-use development under construction in Greenville’s downtown submarket.

The first building is fully occupied, and the project is exceeding expectations with an older demographic than South Ridge, Brashier said.

 

 

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